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» Things we are not aware of-Sri Lanka politics.
Yesterday at 7:55 pm by Ethical Trader

» Plantations - Analysis by Saliya
Yesterday at 11:31 am by lanka

» ඇලබාමා මැතිවරණයෙන් ඩොනල්ඩ් ට්‍රම්ප්ට පරාජයක්
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» දිවියෙන් සමුගැනීම සමරන්න සාදයක්!
Wed Dec 13, 2017 5:12 pm by Ethical Trader

» පැසිෆික් 'ළදරු දූපත' අඟහරු හඳුනාගැනීමට මගක්
Tue Dec 12, 2017 8:12 pm by CK

» Best combination in Sinhala music: Prem+Victor
Tue Dec 12, 2017 3:49 pm by CK

» JKH trades in a tight channal
Tue Dec 12, 2017 12:09 pm by lanka

» Sri Lanka to push ahead with shipping liberalization
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» Investment in listed companies.
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» TPL.N0000 (TALAWAKALE PLANTATIONS )
Sun Dec 10, 2017 6:59 pm by කිත්සිරි ද සිල්වා

» Trading
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» In the Meantime, Within Our Shores !
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» ඩොලර් මිලියන 251.4 ක IMF තෙවන ණය වාරිකය අනුමතයි
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» IMF approves US$ 251.4 mn to Lanka
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» Strong uptick in exports, FDI
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» Sri Lanka needs more taxes to cover SOE losses,
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» ජෙරුසලමේ තත්ත්වය : ට්‍රම්ප් පියවරට එරෙහිව පලස්තීනුවෝ වීථි බසිති
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» CMEC to build 400 MW natural gas power plant in Sri Lanka
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» Cabinet approves signing of share ownership agreement on Hambantota Port
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» ශ‍්‍රී ලංකාව ලෝකයේ දූෂිතම රටවල් හතර තුලට වැටේ..
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» හම්බන්තොට වරාය චීනයට බාර දීම 09 වෙනිදා
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» Dividend Announcement
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» පළාත් පාලන ඡන්දයේ ඇස්තමේන්තු ගත වියදම බිලියන 3 ඉක්මවයි
Tue Dec 05, 2017 2:31 pm by guruji

» ඉන්දියා යාමට ගිය ක්‍රීඩකයන් ගුවන්තොටේදී යළි කැඳවේ
Tue Dec 05, 2017 2:21 pm by Ethical Trader

» උතුරු කොරියානු මිසයිලය : ගුවනේදී "කැතේ පැසිෆික් කාර්ය මණ්ඩලය දුටුවා""
Tue Dec 05, 2017 2:17 pm by Ethical Trader

» මෙක්සිකෝවේ "කොලපැහැ රත්‍රන්" රකින "අලිගැටපේර පොලිසිය"
Tue Dec 05, 2017 2:06 pm by Ethical Trader

» ජෙට්වින්ග් කොටස් වෙළෙඳපොළ සම්ප්‍රාප්තියට දින නියම වෙයි
Mon Dec 04, 2017 1:14 pm by nihal123

» Flying is the Safest mode of Transport
Sun Dec 03, 2017 9:08 am by කිත්සිරි ද සිල්වා

» කෙලවලු පැටවුන් අල්ලන්න එපා: ධීවරයන්ට අවවාදයක්
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» එජාප මන්ත්‍රීවරුන්ට ජනාධිපති විවේචනය කිරීම තහනම්
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» හිමගිර පාමුළ විමුක්තිය සොයන බෞද්ධ භික්ෂුණින් වහන්සේ
Fri Dec 01, 2017 11:47 am by Ethical Trader

» දකුණු කොරියාව: ජනපති මෛත්‍රීට අනපේක්ෂිත අමුත්තෙක් මුණගැසෙයි
Fri Dec 01, 2017 11:36 am by Ethical Trader

» Laughter the Best Medicine
Thu Nov 30, 2017 6:08 pm by කිත්සිරි ද සිල්වා

» ඒකාබද්ධ විපක්ෂය සමග සාකච්ඡා අසාර්ථකයි: ශ්‍රීලනිපයට "ජයග්‍රහණය විශ්වාසයි"
Thu Nov 30, 2017 4:12 pm by Ethical Trader

» සීමා නීර්ණ ගැසට් පත්‍රය අවලංගු කළ පෙත්සම ඉවතට
Thu Nov 30, 2017 4:08 pm by Ethical Trader

» අයහපත් කාලගුණය: මරණ සංඛ්‍යාව ඉහළට
Thu Nov 30, 2017 3:57 pm by Ethical Trader

» "උතුරු කොරියාව නව බැලිස්ටික් මිසයිලයක් විදලා" - දකුණු කොරියාව
Wed Nov 29, 2017 1:01 pm by Ethical Trader

» Govt. to release 50 acres of capital land for investments
Tue Nov 28, 2017 11:32 am by කිත්සිරි ද සිල්වා

» Higher oil bill overshadows strong growth in exports
Tue Nov 28, 2017 11:12 am by Backstage

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» CUBA FOUND A CANCER VACCINE! MORE THAN 4 THOUSAND PEOPLE HAVE ALREADY BEEN CURED BY IT!
Sat Nov 25, 2017 11:38 am by Ethical Trader

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Fri Nov 24, 2017 1:22 pm by Ethical Trader

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Fresh impetus for financial sector consolidation from Govt. via new policy

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Fresh impetus for financial sector consolidation from Govt. via new policy

Post by Backstage on Mon Oct 10, 2016 8:05 pm

Fresh impetus for financial sector consolidation from Govt. via new policy


Friday, 7 October 2016 00:26


top-bank-by-assets-01Critical financial sector consolidation is to get a fresh impetus from the Government with a new policy setting its future course.

Official sources told the Daily FT that the Government is of the view that consolidation of financial institutions will be beneficial in the long term as it will enhance the size of the banks and increase their foreign borrowing and risk-taking capacities to enable private banks to participate in large State and private sector projects and finance emerging new industries to a greater degree than now.

The Committee headed by former Commercial Bank Chairman Dinesh Weerakkody and an advisor in the current Government who was appointed to Chair the banking sector consolidation review committee in 2015 recommended the Government to halt the forced consolidation roadmap and instead encourage voluntary consolidation of financial institutions.

Sources said that nearly 18 months into the term there had been no progress whatsoever, the situation in some Non Bank Financial Institutions (NBFIs) had gone from bad to worse and the NDB - DFCC negotiations were stalled.

While the consolidation would continue to be voluntary in principle, sources said the Government through its ownership in several banking institutions hopes to play a pivotal role in engaging boardroom and shareholder dialogue to actively promote such opportunities. Therefore the new policy would not look to dilute shareholdings but to strengthen existing shareholding.

Analysts say the majority of the Chairman or Directors in financial sector institutions don’t represent shareholders and therefore have no interest in creating bigger or stronger financial institutions.

Many of the Directors appointed by the former regime still continue at Commercial Bank, HNB, Seylan, NDB and Pan Asia Bank.

The attempt to vote out Directors failed this year at AGMs because the State-managed EPF Shareholding did not vote with the Government due to a miscommunication between the former Governor and a Minister.

The EGM called for by the Government shareholders at Seylan Bank in May 2016, was also postponed temporarily until the Government policy was properly formulated in the 2017 Budget proposals.

A former Bank CEO is expected to formulate the required policy interventions and lead the effort.
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